Transcorp Nigeria Heads for Highest in 8 Months on Profit
Transnational Corp. of Nigeria Plc, which has interests in hotels, agriculture and oil, gained for an 11th day, heading for the highest in more than eight months, as first-quarter profit surged.
The stock jumped 4.9 percent to 86 kobo as of 2:25 p.m. in Lagos, the commercial capital, the strongest level since September and the longest rising streak since April on a closing basis.
Net income jumped 62 percent to 518.6 million naira ($3.3 million) from 319.3 million naira a year earlier, the company said in a statement posted on the Nigerian Stock Exchange website today.
“Demand for the stock is still heavy because the results are getting better although it did not pay dividend, and if the present tempo of activities continues, it will recover lost ground,” David Adonri, chief executive officer of Lambeth Trust and Investment Co., said by phone today. Transcorp traded at 1.13 naira in June last year and fell to 50 kobo by April.
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